National Republican., 1887-10-03
The Responsibility for the Surplus.

An effort is being made In Democratic
circles, SO persistent and uniform that It
seems to he under orders, to try aud fl the
responsibility Of the present gorge of money
In the treasury vaults on the Republican
party.
1t is true that the laws under which the
revenue Is collected were made by Reputll-
cans. Under these laws the Republicans,
after having conquered the greatest rebel.
lion since that descibed by Milton In "Par-
adise Lost" have collected and paid out
for the expenses OF the government, caused
in great degree by that rebellion, through
customs dues, internal revenue, the sales
of public lands, by direct tax, and in other
ways, over SS,000000,000, and have bor-
rowed as much more, all Of which is paid
back except $l,00O,000,000.
Under the operations of these laws the
value of the property OF the people of the
United States has increased from SIG ,O0O,-
CC0,0O0 in lSG0 when the Republicans came
into power, to $50 900 600, 600 in 1885, when
they went out of power. Under these laws
the railroad mileage OF the country has iu-
creased from 81 900 miles to l31 900, and all
business in proportion.
The Republican party is responsible for
the laws under which money flows into the
treasury like the tabled stream Of Pictolus,
but it is not responsible for it's being held
there in chains as strong as those which
bound Prometheus.
The same laws existed when a Republi-
can President was in the white house, aud
Republican Secretary had charge OF the
treasury. The annual net ordinary receipts
from customs dues internal revenue,
land sales, and other sources durlug the
four years Of Garfield and Arthur were
100000, the receipts last year from the
same sources were only 1896, 6,O0O.OOO, the
net ordinary expenditures during the same
period was an average of $4,000 900 pcr
year, and last year it was SlJ2, ,00D,000 aui
this year is to be II much larger sum, ., the
income from taxes was larger aud the regu
lar expenses smaller than now.
But the Republicans had nnaNcial sense.
Secretary Window saw there was danger of
gorge, and he changed, under the Law OF
1869, the condition Of almost the entire pub
lie debt, by which change he and his sue
cessors were en- abled to pay of very larg II.
pelt Of 1t. He reported what he had done
to Congress and Congress approved his
action.
Secretary Window acted like sensible
business man. He saw that the income
was larger tn IN the receipts and provided
way to pay out the surplus.
Again. 1t has long been assumed that
the bank or government which issues bins
that has specie In Its vaults equivalent to
che value Of one-third OF It's bills aloat Is
In good hnarcial condition. The resump-
tion act, which went into effect in 1879
pledged the payment Of specie on demand
for greenbacks.
Acting under this rule the Republican
Secretaries always kept In the treasury
vaults, In specie, about one third OF the
amount of the greenbacks in circulation.
From $l40,000,000 to $3.50 900 600 was the
amount kept on hand. The report issued
last Saturday by the treasurer OF the United
States shows the amount of coin and bul.
lion now In the treasury, for which no GER
tifcates have been Issued, to be $2SS, ,S51 ,455,
which is within $50, 1000, 900 OF the amount
OF greenbacks now In circulation, aud about
double the amount of specie kept In the
treasury by Republican Secretaries.
This Democratic administration came
into power on the ith OF March, 1886.
There was then, according to the official re-
ports, 1919, lG6, 1853 ''cash in the treasury.n
By Nov. l, 1855, according to Secretary
Manntng's official report, this was increased
S5S,053, 702, and now on the lst day of Octo-
ber, after thlrty.one months OF Democratic
rule, the cash in the treasury is 5000, l72, ,2l9,
an increase over what 1t was when the
Democrats succeeded to power OF $22l,-
OO5,sG6.
The same laws exist now under which the
Republicans disposed Of a much largcr in
come, but this Democratic administration
either has notthe ability or The ,ViH to execute
these lars.
1t is not the fault of the laws which the
Republicans passed that there is a gorge of
money In the treasury vaults. They re.
ceived and disposed of larger sums than are
being received now. I, is the fault OF the
Democratic administrators Of the law. The
responsibility rests on them.